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North Dakota Century Code Title 51. Sales and Exchanges § 51-23-13. Power of court to grant relief

Current as of January 01, 2024 | Updated by Findlaw Staff

1. a. Upon a proper showing by the commissioner that a person has violated, or is about to violate, any provision of this chapter or any rule or order of the commissioner, the district court of Burleigh County, North Dakota, may grant appropriate legal or equitable remedies.

b. Upon showing of violation of this chapter or a rule or order of the commissioner, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions, and writs of prohibition or mandamus, may grant the following special remedies:

(1) Imposition of a civil penalty in an amount that may not exceed ten thousand dollars for any single violation or one hundred thousand dollars for multiple violations in a single proceeding or a series of related proceedings;

(2) Disgorgement;

(3) Declaratory judgment;

(4) Restitution to investors wishing restitution; and

(5) Appointment of a receiver or conservator for the defendant or the defendant's assets.

c. Appropriate remedies when the defendant is shown only about to violate this chapter or a rule or order of the commissioner must be limited to:

(1) A temporary restraining order;

(2) A temporary or permanent injunction;

(3) A writ of prohibition or mandamus; and

(4) An order appointing a receiver or conservator for the defendant or the defendant's assets.

2. The court may not require the commissioner to post a bond in any official action under this chapter.

3. a. Upon a proper showing by the commissioner or securities or commodity agency of another state that a person other than a government or governmental agency or instrumentality has violated, or is about to violate, any provision of the commodity code of that state or any rule or order of the administrator or securities or commodity agency of that state, the district court of Burleigh County, North Dakota, may grant appropriate legal and equitable remedies.

b. Upon showing of a violation of the securities or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency of the foreign state, the court, in addition to traditional legal or equitable remedies including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions, and writs of prohibition or mandamus, may grant the following special remedies:

(1) Disgorgement; and

(2) Appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this state.

c. Appropriate remedies when the defendant is shown only about to violate the securities or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency of the foreign state must be limited to:

(1) A temporary restraining order;

(2) A temporary or permanent injunction;

(3) A writ of prohibition or mandamus; and

(4) An order appointing a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this state.

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Cite this article: FindLaw.com - North Dakota Century Code Title 51. Sales and Exchanges § 51-23-13. Power of court to grant relief - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-51-sales-and-exchanges/nd-cent-code-sect-51-23-13/

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